Getting the Exclusive Listing Was the Real Challenge: The Story of 1600 Sheepshead Bay
Bob Knakal and his team successfully brokered the sale of the development site at 1600 Sheepshead Bay (1501 Voorhies Avenue) in Sheepshead Bay, Brooklyn, for $20,350,000. However, the real challenge in this transaction wasn’t closing the deal—it was securing the exclusive listing.
Sale Details
Once the exclusive listing was secured, the sale process itself was relatively straightforward. The property, marketed as a mixed-use development site with significant retail potential, attracted significant interest. On November 6, 2007, the site sold for $20,350,000, a price that reflected its potential for large-scale development.
Sale Price: $20,350,000
Seller: Halpern Investments
Buyer: Confidential
Seller Type: Real Estate Developer
Sale Date: November 6, 2007
Property Details
1600 Sheepshead Bay was an oddly shaped, large development site that consisted of an industrial building, several smaller mixed-use assets on Voorhies Avenue, and a sizable parking lot. Despite its irregular shape, the site had the potential to accommodate a major new building with approximately 330,000 buildable square feet. Today, the site contains a 28-story, 280-unit apartment building, showcasing its development potential.
Full Address: 1600 Sheepshead Bay (1501 Voorhies Avenue), Sheepshead Bay, Brooklyn, NY
Zoning: Development
Property Type: Development Site
Sale Price: $20,350,000
Securing the Exclusive: A Year-Long Pursuit
As Bob Knakal often highlights, sometimes the chase for the exclusive listing is as time-consuming as the sale itself—if not more. This was certainly the case with 1600 Sheepshead Bay.
By 2005, Massey Knakal had significantly expanded its operations, with a full team covering every square inch of the outer boroughs. The company's regular mail campaigns were blanketing the market, ensuring that almost every property owner in New York City was familiar with the firm's green and white mailings. This consistency played a crucial role in eventually securing the listing.
The owners of 1600 Sheepshead Bay had been difficult to reach for years, but after receiving the firm’s mailings consistently, one of the owners, Leonard Halpern, reached out in early 2006. After an initial site visit, it became clear that the property had significant development potential. However, despite this early interest, the partnership group remained indecisive.
For nearly a year, Bob and his team persisted with regular phone calls, handwritten notes, and continuous follow-up, but it wasn’t until almost 12 months later that the partnership decided to move forward. Ultimately, it was the consistency and professionalism demonstrated over that year that convinced the sellers that Bob Knakal and his team would execute the marketing process with the same meticulous follow-up that they had shown throughout the chase.
Conclusion
The sale of 1600 Sheepshead Bay was a prime example of how persistence and consistency can pay off in the competitive world of real estate. Bob Knakal’s team demonstrated the importance of continuous follow-up and long-term relationship-building, which ultimately led to the successful sale of this challenging property. This transaction further highlights Bob’s deep understanding of the New York City real estate market and his commitment to achieving the best possible outcomes for his clients.
Testimonial
Here is what Leonard Halpern, one of the property’s owners, had to say about the transaction:
“There are brokers and then there are brokers. Bob Knakal and his team are the best in the business. He guided us through the sales process flawlessly and got us a great price.”
– Leonard Halpern, Halpern Investments
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